Dogecoin (DOGE) Mimics XRP’s Bullish Trajectory, Anticipating a Potential Surge Towards $1.15

Market analysts maintain their bullish stance on Dogecoin, with a recent analysis suggesting its price action is similar to XRP, which recently exploded.

Market analysts are maintaining a bullish stance on Dogecoin (CRYPTO: DOGE) with a recent analysis suggesting that the meme coin's price action is mirroring XRP (CRYPTO: XRP), which recently exploded to the upside.

Despite a modest 3.34% decline so far in December, Dogecoin has maintained its position above $0.40. After surging 160% in November, analysts are anticipating another significant rally for DOGE, with some projections hinting at a potential move toward $1.15.

After XRP soared 52% over the past week to reclaim the $2 mark for the first time in nearly seven years, market analyst Jacob Canfield pointed out that Dogecoin's current trajectory on lower time frames appears to be mirroring XRP's.

However, DOGE could see more upside. Canfield's chart showed that Dogecoin is forming higher lows, holding prior resistance levels as support, in a price pattern that usually indicates a continuation of the upward momentum.

Canfield also highlighted the $0.48 level as an important pivot, while the $0.55 zone aligns with the 1.618 Fibonacci extension, serving as the next major resistance area. The $0.66 level marks a longer-term upside target at the 2.618 extension.

A separate analysis from Rekt Capital identified a daily ascending triangle structure for Dogecoin.

His chart showed DOGE trading within an upward sloping trendline and horizontal resistance at $0.43. This bullish continuation pattern suggests increasing buyer interest at lower support levels.

According to Rekt Capital, a daily close above $0.43 was needed to confirm the breakout, which occurred on Friday. DOGE recorded this breakout hours later.

$DOGE

Dogecoin has broken out from the Ascending Triangle

Any dips into the top of the pattern, if at all needed, would constitute a post-breakout retest to confirm the breakout#DOGE #Crypto #Dogecoin https://t.co/SBX4clO1oS pic.twitter.com/047tyyuvlT

— Rekt Capital (@rektcapital) December 2, 2024

Following the breakout, the analyst anticipated a potential retest of the $0.43 level to confirm support. If successful, this retest could lead to further price growth. However, at press time, DOGE has broken below $0.43, currently trading at $0.4046, defending the $0.40 support.

Despite the breakdown, Trader Tardigrade recently confirmed the bullish narrative when he examined the relative strength index (RSI) on the 4-hour chart.

According to the prominent commentator, recent RSI bounces from the oversold zone led to significant price spikes of 40% and 200%. Tardigrade noted that each successive bounce is accompanied by increasing intensity.

#Dogecoin RSI has been bouncing up from the Oversold Zone on 4-hour chart🔥The recent RSI bounces from the same zone brought $Doge to surge 40% and 200%. The pump intensity is even getting stronger. It’s not surprising that $Doge will spike beyond 200% levels, which is above… pic.twitter.com/ZWdQG27w01

— Trader Tardigrade (@TATrader_Alan) November 27, 2024

He believes if this trend continues, Dogecoin could achieve a rally exceeding 200%, which places the price target above $1.15. Such a move would echo Dogecoin’s historical performance.

These reports suggest that the $0.40 acts as DOGE’s immediate support level. However, on the upside, resistance is encountered at $0.55, with the $0.66 Fibonacci extension serving as a longer-term target. Should momentum persist, the $1.15 target highlighted by Tardigrade becomes achievable.